Description
The
Report Contains
Acetic Acid Market Size By Application (Acetic
Anhydride, VAM, Acetate Esters, PTA), Downstream Opportunities, Competitive
Analysis & Forecast, 2012 – 2022
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Industry
Overview
Global acetic acid market size was estimated at over
USD 6.4 billion in 2014 and is likely to witness gains at over 9% up to 2022.
Strong demand in production of vinyl acetate
monomers and PTA, coupled with increasing use as a chemical reagent for
camphor, monochloroacetic acid, photographic chemicals and diketene is likely
to drive acetic acid market growth.
There has been a surge in EVA copolymers, PVA films
and polyvinyl alcohol for waterborne coatings and adhesive production, thereby
driving VAM demand for automotive, construction and interior applications. In
addition, rising PET bottle recycling rate is also expected to spur PTA demand.
In recent times, rising consumer preference towards
the use of vinegar as a functional nutraceuticalis expected to have a positive
impact on acetic acid market growth. Fluctuating methanol prices may affect
business dynamics and put acetic acid manufacturers under pressure over the
forecast period.
Industry participants are also looking at potential
downstream opportunities, which may result in a surge in R&D spending in
the market. Acetic acid prices are expected to remain relatively stable,
assuming moderate business fluctuations and gains between 4% to 5% are estimated
over the next seven years.
Application
Overview
VAM and PTA applications dominated acetic acid
market demand in 2014, together contributing to over 50% of global consumption
in 2014. Demand for PTA application is expected to witness significant gains
over the next seven years, with revenue estimated to reach USD 2.9 billion by
2022. This is predominantly driven by strong growth for PET, especially in
beverage packaging.
Acetate ester applications are expected to account
for over 14.5% of acetic acid market volume by 2022, driven by the growing use
as diluents and solvents for the food industry.
Regional
Overview
China is the largest acetic acid manufacturer, with
over 40% of global production capacity in 2014. Domestic consumption is also
high, resulting in low exports, with volumes estimated to reach 7,575.4 kilo
tons by 2022.
Apart from China, Asia Pacific acetic acid market is
expected to grow at over 4.5%, driven by strong consumption in India, Thailand,
South Korea, Vietnam and Indonesia.
Latin America acetic acid industry is expected to
reach USD 265.4 million by 2022, dominated by Brazil, accounting for over 50%
of consumption in 2014. Europe acetic acid market demand is estimated to exceed
1,800 kilo tons, primarily owing to strong demand in Germany.
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Competitive
Market Share
The industry is fairly fragmented, with production
being concentrated in Asia, owing to the presence of a number of small-scale
domestic producers, especially in China and India. BP, Celanese, Eastman, Sopo
accounted for less than 50% of the overall acetic acid market share in 2014.
Other key companies include Saudi Petrochemicals, DuPont, BASF, LyondellBasell
and Wacker Chemie.
The industry is anticipated to make a turn for
consolidation, which may result in the market witnessing mergers &
acquisitions over the next five years
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